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Anthony has earned actual returns of -4% in 2016, -12% in 2017 and -3% in 2018 on an investment he made three years ago. If

Anthony has earned actual returns of -4% in 2016, -12% in 2017 and -3% in 2018 on an investment he made three years ago. If the risk-free rate has been 1% over the last three years, what is a good estimate of the annual E(r) Anthony expected at the beginning of 2016? Explain.

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